How Governments Killed the Gold Standard
The gold standard disappeared because governments destroyed it. Here's how it happened. Private-sector money is always an enemy of the state.
The gold standard disappeared because governments destroyed it. Here's how it happened. Private-sector money is always an enemy of the state.
The impossibility theorem, developed by Nobel-winning economist Robert Mundell, paints a false tradeoff between the free movement of capital, fixed exchange rates, and effective monetary policy. Under a gold standard, all three are a possibility.
Hamilton was "so bewitched & perverted by the British example," wrote Jefferson, "as to be under thoro' conviction that corruption was essential to the government of a nation."
The financial press gives us the what, when we need the how and why. Economic journalism needs a reset.
Just as kings debased coins to help pay for their wars, the Fed used inflation to help pay for US participation in World War I. It did so by creating and issuing dollars in return for government debt.
Mises grounds his balance-of-payments analysis on the insight that it is a monetary concept.
Professor Jonathan Newman joins the show for a look at America's Great Depression, Rothbard's classic explanation of a terrible period in US history. It can happen here, and it can happen again, if Rothbard's counsel goes unheard.
The task at hand is the study of the problems of the determination of prices and interest rates. This task requires a sharp distinction between money-certificates and fiduciary media.
There is no better work to explain the broader implications of central banking which go almost totally unremarked in the financial press than The Ethics of Money Production.
The task at hand is the study of the problems of the determination of prices and interest rates. This task requires a sharp distinction between money-certificates and fiduciary media.